Date: July 20, 2025
Author: Team Finday | www.finday.in
In a shocking turn of events, India’s leading cryptocurrency exchange, CoinDCX, has reportedly fallen victim to a massive hacking attack. As per early reports, millions worth of digital assets have been drained from multiple wallets, causing panic among users and crypto investors nationwide.
Let’s break down everything we know so far about this serious cyberattack.
🔐 What Happened?
CoinDCX confirmed the unauthorized access to one of its hot wallets (online wallets used for transactions). According to internal investigations, hackers breached a vulnerability in a third-party API that interacts with the exchange’s trading system.
Although the company has not disclosed the exact amount lost, blockchain analysts estimate that between $3 million to $6 million worth of tokens may have been stolen, including:
| Token Name | Estimated Loss |
|---|---|
| Ethereum (ETH) | 1,200+ coins |
| Bitcoin (BTC) | 80+ coins |
| Polygon (MATIC) | 500,000+ tokens |
| Other Altcoins | Still counting |
📉 How Did It Impact Users?
CoinDCX users began noticing unusual activity early in the morning. Some reported that their balances dropped or showed pending withdrawals they never initiated.
Within hours, CoinDCX disabled all deposits and withdrawals, sparking speculation across social media.
Impact Summary:
| Affected Feature | Current Status |
|---|---|
| Withdrawals | Temporarily Suspended |
| Deposits | Suspended |
| Trading | Active (limited pairs) |
| Customer Support | Facing High Volume |
Many users are expressing fear and frustration on X (formerly Twitter), tagging CoinDCX for urgent answers.
🧑💼 Official Response from CoinDCX
CoinDCX released a statement around 11 AM:
“We have identified suspicious activity involving unauthorized access to one of our hot wallets. We are actively investigating with top blockchain security firms. User funds in our cold wallets remain safe. We will share more updates shortly.”
The company has partnered with Chainalysis and local cybercrime units to trace the hacker’s wallet addresses.
They also assured that most user funds are stored in cold wallets (offline wallets not connected to the internet), which were not affected by the breach.
💬 What Experts Say
Crypto security expert Rajiv Mehta said:
“Hot wallets are vulnerable because they are connected to the internet 24/7. Even top exchanges face these risks. The real test is how fast and transparently CoinDCX acts now.”
He added that more Indian crypto platforms need to improve their risk monitoring systems to match international standards.
🔄 Will Users Get Their Funds Back?
CoinDCX has not yet confirmed reimbursement of lost funds but hinted that they are working on a user protection plan.
In past global incidents, like the FTX hack or Mt. Gox, reimbursements took years. However, CoinDCX claims they will resolve issues faster and are financially prepared to compensate.
🛡️ How You Can Stay Safe
If you're a CoinDCX user (or use any crypto exchange), here are some steps to protect yourself:
-
Do not share OTPs or passwords even if someone claims to be support.
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Use hardware wallets for long-term holding.
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Enable 2FA (Two-Factor Authentication) on all exchange accounts.
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Avoid panic selling, especially during ongoing investigations.
📰 Final Thoughts
This breach is a reminder that no system is 100% secure, especially in the fast-moving world of cryptocurrency. While CoinDCX is expected to handle the situation responsibly, it's a wake-up call for the Indian crypto community.
As of now, we await more updates on the hack, recovery process, and whether users will be fully reimbursed. Meanwhile, stay alert, keep checking your account, and follow only official updates from CoinDCX.
📌 For live updates and crypto safety tips, visit: www.finday.in